North Carolina Down Payment Support Programs

Payments Gateway - The North Carolina Housing Finance Agency got two great programs for first-time Home Buyers. These systems will be the Mortgage Credit Certificate and the deposit Assistance System.

You buy a house between December 1, 2009 and January 1, 2009 and if you qualify for one of those plans, it is also possible to be eligible for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.

First, who's a first-time Home Buyer? A First Time Home Buyer is someone who hasn't owned a home in the past three years. This is exactly the same qualifying definition.

A Mortgage Credit Certificate (MCC) is a national tax credit to help home buyers with moderate and low incomes. The MCC takes this a step farther.

In case you qualify for the MCC, you can claim 20% of the interest you pay as a credit in your federal income taxes on your mortgage. It is possible to save as much as .

You'll find a way to unite this, should you qualify for 2009. This might reduce a buyer's tax liability .

Who qualifies for an MCC is based in your income as well as the price of the house you are purchasing. Household income means the “gross income of the mortgagor and every other individual expected to reside in the dwelling who is 18 years of age or older.”

House price limitations that apply in Durham Orange and Chatham Counties and the income are given below.

MCC Income Limits 1 Individual $61,500 2 Individuals $61,500 3 Men $70,500 4 Men $70,500

MCC Sales Price Limits New Home $220,000 Existing Home $210,000

Home buyers that need help with their deposit and closing costs may be able to get down payment assistance - or, in other words, interest-free, deferred second mortgages up to $8,000. The purchaser just has to pay and the load would pay around $8,000 of the remaining balance.

This program has stricter income limits than the MCC program summarized above. Like the MCC program, it can be utilized along with all the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The deposit help, nonetheless, cannot be utilized along together with the MCC. It is an either or situation.

House price limits Durham and Chatham Counties and the income are given below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Individuals $45,650 3 Men $51,350 4 Men $57,050

Down Payment Support Sales Cost Limits New Dwelling $210,000 Existing Home $210,000